The company is understood to have hired Morgan Stanley to run the auction, Reuters reported on Wednesday. First round bids for the business are expected by 7 August, in a sale process that could also attract an offer from Apax Partners-backed Cengage Learning.

EmbanetCompass partners with over 35 not-for-profit colleges and universities on online courses. The company is backed by one-time “junk bond king” Michael Milken, the report added.